Search Results for keywords:"Financial Crimes Enforcement Network"

Found 4 results

Search Results: keywords:"Financial Crimes Enforcement Network"

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  • 2021-02064 — Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Regulations Requiring Additional Records To Be Made and Retained by Dealers in Foreign Exchange and Additional Records To Be Made and Retained by Brokers or Dealers in Securities
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    Type:Notice
    Citation:86 FR 7778
    Reading Time:about 21 minutes

    The Financial Crimes Enforcement Network (FinCEN) is seeking public comments on the renewal of information collection requirements under the Bank Secrecy Act (BSA). The regulations require dealers in foreign exchange and brokers or dealers in securities to maintain records of taxpayer identification numbers and transaction documents. Though there are no proposed changes to these requirements, FinCEN is considering expanding the scope of the annual burden estimates associated with these regulations. The request for comments is part of an effort to reduce paperwork and evaluate the effectiveness and efficiency of the current process, in compliance with the Paperwork Reduction Act.

    Simple Explanation

    The government is asking people to share their thoughts on rules that make money businesses keep track of important number records, but they aren't changing the rules themselves right now. They're looking for ideas on how to make these tasks simpler and less time-consuming.

  • 2025-05199 — Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension
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    Type:Rule
    Citation:90 FR 13688
    Reading Time:about 51 minutes

    The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule to change the reporting requirements for beneficial ownership information under the Corporate Transparency Act. Previously, both domestic and foreign companies had to report information about their owners. Now, domestic companies are exempt from these requirements, and foreign companies are only required to report information about non-U.S. owners. This change is intended to reduce the burden on U.S. businesses, and FinCEN is asking for public comments before finalizing the rule.

    Simple Explanation

    The government has made a new rule that says only companies from other countries need to tell about their owners, but they don't have to tell about their American owners. This rule is meant to make things easier for U.S. companies, and the government wants people to share their thoughts on it.

  • 2021-01919 — Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
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    Type:Rule
    Citation:86 FR 7348
    Reading Time:about 4 minutes

    The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, published a final rule to update civil monetary penalties (CMPs) to account for inflation as required by law. This update is in line with the Federal Civil Penalties Inflation Adjustment Act, which mandates annual adjustments to ensure the penalties maintain their deterrent effect. The rule applies to penalties assessed after its effective date, January 28, 2021, and does not require a public comment period because the adjustments are routine calculations.

    Simple Explanation

    The government is making sure the money fines for breaking money rules are still tough enough by giving them a little increase because of inflation, just like things at the store cost more over time. This is a routine update that happens every year, so they didn't ask anyone what they thought about it this time.

  • C1-2021-01919 — Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary Penalties
    Type:Rule
    Citation:86 FR 7810
    Reading Time:less than a minute

    A correction has been made to a rule document from the Financial Crimes Enforcement Network of the Treasury Department. In the issue from January 28, 2021, there was a mistake in the table titled "Table 1" on page 7349. The date originally said "[INSERT DATE OF PUBLICATION IN THE FEDERAL REGISTER]" and has now been corrected to "January 28, 2021." This adjustment ensures accurate information is provided in the document.

    Simple Explanation

    The government made a small fix to a paper about money rules because they accidentally left out the date. Now it has the right date, "January 28, 2021," so everything is clear and correct.